Asked by Chris Defeekio, Chicago, IL • Fri Dec 21, 2012
Funny story. So I put an offer in on a condo and the seller accepted it, and we signed a contract, earnest money given, etc. So the seller is going through a divorce and him and his wife have extra properties under their names individually. The condo I was buying is under the husbands name only. So the husband and wife go to court to settle their affairs and husband gets screwed pretty big out of the divorce. Now the husband comes back and wants to back out of our signed contract because, he still needs 30k to pay the bank on top of our sale price. We want to sue for "Specific Performance" for backing out of the contract, but we will probably lose since the seller does not have enough money to cover the lack of funds. And my lawyer states we can not force the bank into a short-sale with this contract. It's the most ridiculous thing ever and I have a bunch of items purchased ready to move in. I don't see much options that we have other than walk away. Anybody ever see this?
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